Dear Friends, Clients and Colleagues,
We pray our newest COVID-19 Informational Update finds you and yours safe and healthy.
In response to numerous inquires, this update focuses on the stimulus payments to individuals and the expanded unemployment coverage contained in the economic relief and stimulus plans signed by President Trump to help families across the country affected by the coronavirus pandemic.
- Treasury Secretary Mnuchin said direct deposits will begin by April 17 and checks will start being mailed in three (3) weeks.
- Individuals making less than $75,000 are eligible for $1,200 and couples making under $150,000 can receive $2,400.
- Those with children under 16 will receive $500 per dependent.
- Those making up to $99,000 as an individual or $198,000 as a couple can still receive a payment but of a lesser amount.
- College students will be not be eligible to receive a check if their parents count them as dependents on their tax returns.
- The payment amount will be based upon your 2019 tax return or your 2018 tax return if you have not already filed for 2019.
- Those who owe back taxes will still receive a payment.
- People who do not typically file a tax return will need to “file a simple tax return” to receive payment, according to the IRS.
- Social Security recipients will not have to file tax returns to get their one-time $1,200 check.
- If the IRS has your bank account information on file, you’ll receive a direct deposit.
- The IRS announced it will create an online portal for people to update or input their direct deposit details.
- The amount each person receives will depend upon which state they live in, but those who apply and receive benefits should expect $600 on top of what their state provides until July 31.
- Workers can receive payments for up to 39 weeks.
- Those who are unable to work due to caring for someone with coronavirus or who have it themselves can apply.
- Also eligible to apply for unemployment benefits are:
- part-time workers or those who are self-employed, including —
- gig workers,
- contractors and
- freelancers,
- More details can be found here.
We hope this information is helpful. Stay informed by visiting our COVID-19 Informational Updates blog posts on a regular basis, and share with your networks:
- SBA Paycheck Protection Program
- SBA Economic Injury Disaster Loans
- Paid sick, family and medical leave
- Important resources
Feel free to reach out with questions!
Stay safe and healthy,
Jorge Luis Lopez, Esq.
Governmental Affairs Attorney